Centre, States discuss financing India's journey to Viksit Bharat

Assam CM Himanta Biswa Sarma attended a conference on 'Financing India’s journey towards Viksit Bharat,' chaired by FM Nirmala Sitharaman. Discussions focused on Centre-State coordination and mobilizing private capital to achieve the 2047 vision.

Assam Chief Minister Himanta Biswa Sarma attended the two-day conference on 'Financing India’s journey towards Viksit Bharat' at Bharat Mandapam, New Delhi.

Organised by the Ministry of Finance and the Government of India, the conference on Friday brought together Chief Ministers, Deputy Chief Ministers, Finance Ministers and senior representatives from several States and Union Territories to deliberate on key financial and policy priorities shaping India's development journey towards Viksit Bharat 2047.

Chaired by Union Finance Minister Nirmala Sitharaman, the conference provided a platform for discussions on financing challenges, public investment, private capital mobilisation and policy complementarities between the Centre and the States.

The deliberations provided an opportunity to identify financial pathways for Assam, with discussions focusing on macroeconomic growth, agricultural transformation and renewable energy to advance sustainable and inclusive development in the State.

Financing Strategy for Viksit Bharat

The conference underlined that financing India’s journey towards Viksit Bharat 2047 would require scaling up public investment, mobilising private capital and strengthening fiscal coordination between the Centre and the States.

Expert Insights on Financing Growth

Department of Economic Affairs Secretary Anuradha Thakur emphasised that the scale of transformation envisaged for India cannot be achieved through government budgets alone and that private financing will have to play a significant role in bridging the investment gap.

Former 15th Finance Commission Chairman NK Singh highlighted the need to raise India’s gross domestic savings rate from around 34 per cent to 38–40 per cent of GDP to adequately finance long-term economic growth. He also stressed the importance of improving the incremental capital-output ratio (ICOR) from around 5 to 4.5 to maximise the returns on investment.

Key Deliberation Areas

Discussions also focused on strengthening fiscal health, augmenting revenues and maintaining fiscal discipline at the State level.

The projected decline in general government debt to 73.1 per cent by 2030–31 from around 84 per cent was also discussed, along with the need for rigorous, State-specific assessments of debt sustainability.

The conference deliberated on financing sustainable agricultural practices, strengthening supply chains and developing modern agricultural markets.

Another key area of discussion was mobilising investments for renewable energy infrastructure, transmission assets and emerging technologies such as carbon capture.

Leveraging Technology for Efficiency

The potential of Digital Public Infrastructure (DPI 2.0) and emerging technologies to improve resource allocation, transparency and efficiency was also highlighted.

Deepening Centre-State Partnership

The conference sought to deepen Centre-State partnership through structured and purposeful engagement on shared development priorities.

The discussions emphasised that achieving the objectives of Viksit Bharat requires the Centre and States to work together within a cooperative federal framework, with States playing a key role in translating national priorities into effective programmes and outcomes on the ground.

Taking to X after attending the conference, Chief Minister Himanta Biswa Sarma said: “Joined my esteemed colleagues for a productive session on ‘Financing India’s Journey Towards Viksit Bharat,’ chaired by Hon’ble Finance Minister Smt nsitharaman ji. A meaningful step towards stronger Centre-State coordination to realise our shared vision of a Viksit Bharat.”

The conference reaffirmed the importance of a strong Centre-State partnership in translating national development priorities into effective programmes and measurable outcomes. With States playing a central role in implementation, coordinated policy action, fiscal prudence and innovative financing will be critical to strengthening investment, enhancing economic resilience and unlocking new avenues of development, thereby advancing the shared vision of Viksit Bharat 2047. (ANI)

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